The Salesperson Says,"Would You Be Willing to Accept a Limited

question 30

Multiple Choice

The salesperson says,"Would you be willing to accept a limited 2-year warranty that only covers parts and not labor?" This is likely to be a _____ close.

• A) negotiation
• B) continuous-yes
• C) summary-of-benefits
• D) T-account
• E) technology

---

Definitions:

Production Function

An equation that describes the relationship between the inputs used in production and the output generated from those inputs.

Marginal Product

The additional output produced as a result of using one more unit of a particular input, holding all other inputs constant.

Profit Maximization

The process by which a company determines the price and output level that generates the maximum profit.

Production Function

A formula that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.